The café and casual dining group behind Patisserie Valerie remains on target to reach 20 new store openings this year after identifying the potential locations that will form the basis of its latest roll-out.
Patisserie Holdings has opened 10 new stores since October 2014 and plans a further 10 between now and September, when its financial year draws to a close.
“The pipeline for new stores remains healthy,” said chief executive Paul May. “We have identified and secured or are in advanced discussions to secure new sites to enable us to deliver the 20 store target for the year.”
The company continues to pursue a mixture of sites and formats in its quest for expansion. Out of the 10 most recent sites it has opened, five have been full service and two have been counter service while the other three consist of a brasserie, service station and concession.
The company says that its newest stores have been acquired from existing cash and are performing in line with expectations and trading profitably.
“All 19 stores opened in the prior financial year continue to trade well and a number of these have already paid back the initial capital outlay, well ahead of the 24-month target,” said May.
Interim results show that the company made sales of £44m for the first six months of the year, while EBITDA reached almost £9m.
As well as Patisserie Valerie, the other brands in the group include Druckers, Baker & Spice and Philpotts.